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The voucher that is given to the employee for a meal or an employee benefit, which permits them to eat outside at any restaurant, especially for lunch. That voucher is called a Meal voucher, aka Luncheon Voucher. In various countries, meal vouchers get favorable tax benefits. , Vouchers were generally  in the form of Paper Tickets, but they are gradually being replaced with unique payment cards.

Meal Vouchers and Employee Benefit Solutions Market Overview

The Global Meal Voucher and Employee Benefit Solutions Market size was at USD 33734.12 Million in 2021, and it is predicted that it will reach a valuation of USD 51442.37 Million by the end of 2030 with an annual development rate (CAGR) of 4.8% between 2022 and 2030.

There are several benefits associated with meal vouchers and Employee benefit solution products. This product aids in keeping employees motivated, enhances their productivity and facilitates the business process. Organizations, companies or employers are liable to get the tax benefits from the government due to the execution of these products. These factors have been accelerating the market expansion.

Meal Vouchers and Employee Benefit Solutions Market

Tax Benefits for the Organization to boost the market growth

Meal vouchers give various tax benefits, and several government authorities offer lucrative tax benefits to organizations and companies. Organizations, companies or employers who offer meal vouchers, prepaid meal cards or food coupons as part of an employee’s salary structure are liable to get the tax benefits and are exempt from tax. It is applicable in many countries worldwide.

For instance, there are tax benefits for free food and beverages provided to employees, as stated by the Income-tax Department Government of India. Food and beverages provided on the office premises via non-transferable paid vouchers usable only at the food court or eating joint given by the employer are not taxable if the per-meal cost to the employer is less than Rs.50 (0.66 USD).

Aids in Business Development by motivating and Retaining employees

This product (meal voucher and employee benefits solution) aids in improving the employee’s life, and it can be used for many purposes, such as fuel, gifts and meals and others. The prime benefit of this product is to keep an employee motivated, which helps increase productivity, facilitating the business process.   Attrition is a major issue in many organizations. The rising number of job-hopping is fueling the demand for the product as meal vouchers and employee benefits solutions can help in pleasing & satisfying the employees for a long period of time. Therefore, it helps an organization to retain their employees as long as possible.

Meal Vouchers and Employee Benefit Solutions Market

Meal Vouchers and Employee Benefit Solutions: Market Segmentation

By Type

• Meal Vouchers
• Employee Benefits

The Meal Voucher segment dominated the market and accounted for the largest revenue share in the global market in 2020. This high share is attributed to employees’ worldwide use of meal vouchers in various organizations and companies.

Meal Vouchers and Employee Benefit Solutions

By Product Type

• Cash Voucher
• Non-Cash Voucher

The Non-Cash Voucher segment led the global market and accounted for the largest global revenue share in 2020. This high share is attributed to its ability to aid the employees to utilise the product at the exact place where it is intended to be used. Besides, Non-Cash Voucher has several benefits, such as they are available in the form of non-transferable vouchers and supporting vouchers.

Meal Vouchers and Employee Benefit Solutions

By Application

• Meal
• Gift
• Travel

The Meal Segment has dominated the global market and accounted for the largest market share in the global revenue in 2020. This dominance is ascribed to its application, where it can be used in both office cafeterias and any other dedicated cafeterias, making it the most used card on a regular basis compared to other cards.

Meal Vouchers and Employee Benefit Solutions

By End-User

• Mobile Workforce
• Volunteer Organisations
• Training Centers & Recruiting
• School Trip & Sporting Events
• Disaster Victims & Relief Workers
• Convention Teams
• Other

Meal Vouchers and Employee Benefit Solutions Market: End-User Segment Analysis

The mobile workforce segment led the global market and accounted for the largest share of over 52% of the global revenue in 2020. This high share can be credited to its ability to provide facilities to the employees, whether they are travelling or working in the office.

The mobile workforce segment, followed by the volunteer organization segment, is expected to hold a large market share in the global market. This high market share can be credited to the rising number of NGOs and volunteering organization, which has been funded and supported by the government to do social work for helping underprivileged people.

Meal Vouchers and Employee Benefit Solutions Market: Regional Segment Analysis

The market is segmented based on regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America dominated the market and accounted for a significant global revenue share in 2020. It is expected to register substantial growth with a growing CAGR over the forecast period. A huge number of employers in the region are actually concerned about the health & well-being of their employees. It has resulted in a surge in usage of this product, aids in generating more efficient and productive employees.

However, the Asia Pacific region is also anticipated to register healthy growth over the forecast period. This growth is due to major players in the region executing promotional campaigns that have accelerated the consumption and surge in awareness. Rising change in the corporate work culture coupled with a surge in adoption of better working tools and systems to enhance the performance of the employees. These factors are responsible for the rising use of the product in the region.

Meal Vouchers and Employee Benefit Solutions Market: Competitive Landscape

The prominent players influencing the competitive hierarchy of the market sphere are Alelo Brasil, Monizze NV SA, Edenred, Axis Bank Ltd, Sodexo Group, The Up Group, Spendit AG, Up Slovensko, Zeta India, and others.

The top players are engaging in various activities to propel the market. They are hunting for new and innovative ways to ensure that employees are benefited; thereby, ensuring that the organization as a whole in benefited.

Report Scope

Meal Vouchers and Employee Benefit Solutions Market Forecast Years: 2022-2030

Meal Vouchers and Employee Benefit Solutions Market 2022: USD 35353.36 Million

Meal Vouchers and Employee Benefit Solutions Market 2030: USD 51442.37 Million

Meal Vouchers and Employee Benefit Solutions Market CAGR: 4.8%

Key Segments:

• Type (Meal Voucher, Employee Benefits)
• Product Type (Cash Voucher, Non-Cash Voucher)
• Application (Meal, Gift, Travel)
• End-User (Mobile Workforce, Volunteer Organisations, Training Centers & Recruiting, School Trip & Sporting Events, Disaster Victims & Relief Workers, Convention Teams, Others)
• Region (North America, Europe, Asia Pacific, Middle East and Africa, Latin America)
• Key Regions & Countries: APAC, Europe, North America, the Middle East & Africa, and South America

Key Players:</strong> Alelo Brasil, Monizze NV SA, Edenred, Axis Bank Ltd, Sodexo Group, The Up Group, Spendit AG, Up Slovensko, Zeta India, and others.